Bitcoin, Cryptocurrency, and the Future of Global Finance

#1,726
#1,726
reecetn said:
The hundreds of partners that ripple has made worldwide will not wait on the US to pull its head out of its @$$ forever and at some point will expect their return on investment.

They have been over the 1970's show that is SWIFT for quite some Time as noted by the links referring to the hundreds of millions lost in hacks earlier in this thread.
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I have no doubt that you understand crypto to the n'th degree and I also admit that I don't understand it. Let's just admit that most people (99.999999%) aren't equipped to invest in this and call it a day.
 
#1,727
#1,727
Rasputin_Vol said:
Or, like I said earlier, they will be put to the test depending on how the Canadian govt handles this trucker situation. If the Canadian govt finds a way to shut this down, then cryptos won't EXPLODE but IMPLODE.

We shall see...
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IF the .govs figure out how to shut down Crypto then I agree it’s over
 
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#1,729
#1,729
Vol423 said:
The problem comes when people say, I'm done with crypto. I want U.S. dollars that I can actually spend. When enough people do that, you end up with a "run-on-the-bank scenario". There isn't enough actual cash to exchange for the cryptocurrencies. When word of that leaks, more and more people try to cash out. Then, the whole system implodes like a house of cards.

Most people don't even understand that the banking system works this way. A bank branch may only have enough cash in the vault on any given day to cash-out 5% or 10% of all funds on deposit with that branch. They specifically carry more cash in the vaults on days that are normal paydays, like the 15th and last day of each month, for example, because more people cash their paychecks or even make additional withdrawals on those days. Thee proliferation of debit and credit cards over the last twenty years will have relieved so many of the cash transactions that it wouldn't surprise me if banks hold well below 1% of funds in cash on some days.
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I think you are conflating traditional banking pressures with Crypto
 
#1,730
#1,730
I told you guys to play small ball with crypto. The greed made you visible and something had to be done. NFT's tho.... as much as I hate it, and am terrified of it, the music industry LOVES it, and the tech industry is geared and ready for web 3. NFT's might be here to stay, and it's not the white boy monkey apes from florida. It's Nashville, who see it as way to own their music again.
 
#1,736
#1,736
I'm crypto dumb, well not totally dumb but pretty far down on the crypto knowledge scale. Having said that, I thought the accounts were sort of like numbered accounts, not tied to an individual, definitely not tied to a SS#. So how can they, the government tie an account to an individual?
 
#1,737
#1,737
Basically, a crypto exchange is tied to a block chain. A block chain means everyone in the community agrees it's yours. They all saw it. That means it's traceable.
 
#1,738
#1,738
Hot off the press yesterday.

Speech by Governor Brainard on central bank digital currencies

Safe. Effective. Stable. Sound familiar?

In addition, it is important to consider how new forms of crypto-assets and digital money may affect the Federal Reserve's responsibilities to maintain financial stability, a safe and efficient payment system, household and business access to safe central bank money, and maximum employment and price stability. It is prudent to explore whether there is a role for a CBDC to preserve some of the safe and effective elements of the financial system of the present in a way that is complementary to the private sector innovations transforming the financial landscape of the future.
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#1,741
#1,741
Rasputin_Vol said:
Hot off the press yesterday.

Speech by Governor Brainard on central bank digital currencies

Safe. Effective. Stable. Sound familiar?
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Moreover, the Board is studying how innovations, such as distributed ledger technology*, could improve the financial system. This work includes experimentation with stablecoin interoperability and testing of retail payments across multiple distributed payment ledger systems. The Federal Reserve Bank of New York recently established an Innovation Center, focused on validating, designing, building, and launching new financial technology products and services for the central bank community.

These technology research and development initiatives are vital to our responsibilities to promote a safe and efficient payment system and financial stability, whatever the future may bring.

* Look what David Schwartz is doing now!! (See link above to the 1988 patent holder of DLT)
 
#1,742
#1,742
reecetn said:
If I wanted to transfer money in the dark of the night, I would use the failproof method of cold hard cash.

It is hilarious to me how everyone tries to aid and abed the narrative that crypto is bad and going to get regulated out of existence by the same people who actively involved in transitioning the current system into digital.

Do not miss the boat.
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I own several different coins and have for a couple of years but if you think governments transitioning to digital is going to be good for the common citizen you're highly mistaken.
 
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#1,743
#1,743
Orange_Vol1321 said:
I own several different coins and have for a couple of years but if you think governments transitioning to digital is going to be good for the common citizen you're highly mistaken.
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So....

Do you think the common man will be better off by us just simply pointing out this obvious fact and feeling good about ourselves?

Or

Do you believe letting others know getting in as high on this digital economy food chain will be more beneficial?

Considering you stated you have owned coins for a while, I think I know the answer to that.

Once this train gets full speed it will be far too late and the impact will be far worse for those blindsided by it.

It is just sad and irritating at the same time to see most people fall for the BS narrative being set to scare the common man away from this opportunity.
 
#1,745
#1,745
InVOLuntary said:
I'm crypto dumb, well not totally dumb but pretty far down on the crypto knowledge scale. Having said that, I thought the accounts were sort of like numbered accounts, not tied to an individual, definitely not tied to a SS#. So how can they, the government tie an account to an individual?
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Unless you are cashing out your wallet with cold hard cash or gold or something that skirts the financial system, then you have to have an electronic paper trail that goes thru the banking system.
 
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#1,746
#1,746
reecetn said:
It is just sad and irritating at the same time to see most people fall for the BS narrative being set to scare the common man away from this opportunity.
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Cryptos just have a Ponzi vibe to them and outside of government control, has not many (if any) real benefits to the average person.
 
#1,747
#1,747
n_huffhines said:
Unless you are cashing out your wallet with cold hard cash or gold or something that skirts the financial system, then you have to have an electronic paper trail that goes thru the banking system.
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I bought a lawn mower from a guy that was out of state. He had a guy here that was storing the mower for him. I asked if I needed to pay him and he said no, he wanted to be paid in bitcoin. I told him I had no idea how to do that. He directed me to a crypto ATM. He texted me a QR code to hold up to the machine. It asked me if it was over $1200. I selected "yes". It was going to require me to register with an ID. I backed out and said under $1200. I thought I'd just do $1200 3 times. I had to put in my cell number, and it texted me a qr code to hold up to the screen. I put in 12 $100 bills. I proceeded to do ot again and it denied it so I had to register. If I'd have been able to do it over three days the only way to tie it to me was via the phone number but if someone used a burner they could track it at all.

The machine I used was input only but they're supposed to be machines that cash you out too. I assume those require an ID?
 
#1,748
#1,748
InVOLuntary said:
I bought a lawn mower from a guy that was out of state. He had a guy here that was storing the mower for him. I asked if I needed to pay him and he said no, he wanted to be paid in bitcoin. I told him I had no idea how to do that. He directed me to a crypto ATM. He texted me a QR code to hold up to the machine. It asked me if it was over $1200. I selected "yes". It was going to require me to register with an ID. I backed out and said under $1200. I thought I'd just do $1200 3 times. I had to put in my cell number, and it texted me a qr code to hold up to the screen. I put in 12 $100 bills. I proceeded to do ot again and it denied it so I had to register. If I'd have been able to do it over three days the only way to tie it to me was via the phone number but if someone used a burner they could track it at all.

The machine I used was input only but they're supposed to be machines that cash you out too. I assume those require an ID?
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That sounds like he put you through a lot of unnecessary efforts in order to pay him. I would have been pizzed and considered even buying the mower or just saying I ain't gonna do it and make him take the cash and he figures out how to convert it to BTC.
 
#1,749
#1,749
Rasputin_Vol said:
That sounds like he put you through a lot of unnecessary efforts in order to pay him. I would have been pizzed and considered even buying the mower or just saying I ain't gonna do it and make him take the cash and he figures out how to convert it to BTC.
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Thought about it. It was a great deal, worth the effort. I also was curious about bitcoin.
 
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